UBS has posted its highest annual profits in four years and seeks to nearly double its share buyback scheme, according to a press release by UBS on Tuesday.

  • Full-year reports posted on Tuesday indicated how Switzerland’s largest bank benefited from the global stock market expansion in 2021.
  • Net profits jumped to $7.5 billion from $6.6 billion in 2020, the highest level since 2006, as its wealth management division posted a 19% increase in pre-tax profits.
  • UBS stated it plans to purchase up to $5 billion of its shares in the next 12 months, surpassing the $2.6 billion figure for 2021 and bringing the overall capital return scheme to $7.6 billion.
  • Ralph Hamers stated this is the second straight year in which they have topped all of their targets, further noting that the operating position of the company is strong.

The bank stated it was upgrading its target return on core equity tier one capital from a range of 12 to 15% to 15% to 18% annually, after reaching a 17.5% return in 2021. UBS Group AG up +7.28%